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Equity release …everything you need to know

As expert mortgage brokers, we’re here to help you better understand equity release, or lifetime mortgages. If you are aged 55 or over we can help you make use of the equity built up in your home.

Arrange a FREE consultation

or call… 01480 718719

Equity Release Calculator

Find out how much you may be eligible to borrow with our handy Equity Release Calculator.

What is equity release?

Equity release allows you to unlock the value built up in your home as a tax-free lump sum. There’s no need to move out of the property and you’ll still own your home. With equity release, there are no requirements to make monthly payments, unless you choose to. The loan is usually repaid when the last borrower moves into long term care or dies.

Lifetime mortgages are the most popular type of equity release product and are available to single or joint homeowners who are aged 55 or over.

What is equity release?
Why choose equity release?

Why choose equity release?

Some of the most popular reasons homeowners give for wanting to release equity include:

  • paying for new improvements to your home.
  • helping a family member purchase their first property.
  • consolidating other debts.
  • taking a large family holiday.
  • making a large purchase, such as a new car.

Taking out a lifetime mortgage provides the opportunity to do this without having to resort to other financial options, dip into a pension or sell your home.

Alternatives to releasing equity

Releasing equity can impact the inheritance you leave, and any state benefits or grants you are currently receiving.

Before deciding whether a lifetime mortgage is the best option, it’s a good idea to speak with close friends, family, or your financial advisor. They could give you the support you need to make the right decision.

Alternatives might include:

  • getting financial help from family members.
  • using any available savings you may have
  • a personal loan or credit card.
  • downsizing your current property
  • state benefits – if you’re eligible
  • a local authority grant – if you’re eligible

Things to consider before equity release

Equity release can reduce the inheritance you leave for your family. This could be due to the fact that you have used some of the equity in your home, and also due to the interest on the loan amount you borrowed.

If you are considering taking out an equity release, or a lifetime mortgage, it’s important you know that this could affect your ability to claim means-tested benefits, including support for long term care. Our expert team will be more than happy to discuss this with you in more detail before you apply.

Am I eligible for a lifetime mortgage?

You may be eligible if:

  • you already own the property.
  • the lifetime mortgage is for your main residence.
  • you are applying for a single or joint application.
  • all applicants are aged between 55-85.
  • the property is located in England, Scotland or Wales.
  • the property is a freehold.
>Am I eligable for a lifetime mortgage?

Equity Release Calculator

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We can help find the best lifetime mortgage for you

With a lifetime mortgage, you borrow money secured against your home but you don’t make monthly repayments. Instead, the loan amount and the interest will be paid off when your home is sold. If you are keen to leave a substantial inheritance, some lifetime mortgages have the option to repay just the interest each month, or to ring-fence a proportion of the value of your home.

At Expert Financial we have the experience and expertise to find the right lifetime mortgage to suit your requirements. Contact us today to arrange a free consultation with one of our mortgage experts to get a better idea of your options, and to find out how much money you could receive.

Arrange a FREE consultation

or call… 01480 718719

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